Vancouver, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global Road Safety Market will be worth USD 8.96 Billion by 2032, according to a current analysis by Emergen Research. The growth of this market can be attributed to the rapid urbanization and the growth in the urban population. The rising adoption of vehicles and increase in mobility is driving road safety solutions. Adoption of intelligent transport systems in order to deliver sustainably enhanced and smart mobility solutions is most likely to boost the development of road safety solutions.
The increasing technological advancements in the transportation sector, such as new speed camera systems, smart traffic light control systems, Automatic Number Plate Recognition camera systems, and green link determining systems, are contributing to the growth of road safety solutions. Insufficient government funding is expected to restrain the growth of the road safety market over the forecast period.
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Scope of Research
| Report Details | Outcome |
| Market size value in 2019 | USD 2.96 Billion |
| CAGR (2023 - 2032) | 9.2% |
| Revenue forecast in 2032 | USD 8.96 Billion |
| Base year for estimation | 2019 |
| Historical data | 2016-2018 |
| Forecast period | 2023-2032 |
| Quantitative units | Volume in Tons, Revenue in USD Thousand, and CAGR from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Solutions, Services, region |
| Regional scope | North America; Europe; Asia Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey |
| Key companies profiled | SWARCO, REDFLEX HOLDINGS, SENSYS GATSO GROUP, JENOPTIK, IDEMIA, KAPSCH TRAFFICCOM, MOTOROLA SOLUTIONS, FLIR SYSTEMS, CUBIC CORPORATION, and SIEMENS |
| Customization scope | 10 hrs of free customization and expert consultation |
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Major Companies and Competitive Landscape
The Road Safety Market is moderately fragmented with a large number of small and medium-sized manufacturers, which account for a major part of the global share. The manufacturers are well-equipped with manufacturing facilities and are involved in several research & development activities. Some of the prominent players in the Road Safety Market include:
- SWARCO
- REDFLEX HOLDINGS
- SENSYS GATSO GROUP
- JENOPTIK
- IDEMIA
- KAPSCH TRAFFICCOM
- MOTOROLA SOLUTIONS
- FLIR SYSTEMS
- CUBIC CORPORATION
- SIEMENS
Strategic Development
In May 2019, Jenoptik received the traffic safety order from the city of Cologne. The City of Cologne, Germany, ordered ten speed camera trailers for semistationary speed monitoring devices with the TraffiStar S350 laser scanner. The aim of the city is to increase and enhance traffic safety in all city districts.
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Some Key Highlights from the Report
- In April 2019, Sensys Gatso Group, a global leader in traffic safety solutions, signed a five-year contract extension through its subsidiary Sensys Gatso USA. The contract extension was signed for the managed services with the city of Albany, the State Capital of New York. There will be a continuation of the automated red-light camera enforcement program for five more years.
- Automatic Number Plate Recognition/ Automatic License Plate Recognition segment held the second-largest market share of 25.6% in 2019. The increasing need for accident prevention and traffic enforcement is most likely to fuel the growth of the segment.
- The managed Services segment is forecasted to grow with a CAGR of 8.7% over the forecast period. The ease of operation and convenience of the Managed Services are expected to drive the growth of the segment.
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Emergen Research has segmented the global Road Safety Market on the basis of Solutions, Services, and region:
- Solutions Outlook (Revenue, USD Billion; 2023-2032)
- Incident Detection & Response
- Red Light & Speed Enforcement
- Automatic Number Plate Recognition (ANPR)/Automatic License Plate Recognition (ALPR)
- Others
- Services Outlook (Revenue, USD Billion; 2023-2032)
- Managed Services
- Professional Services (Support and maintenance, System Integration and deployment, Consulting and Training)
- Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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